Concord Wilshire has sold the majority of its interest in one of its South Florida hospitality assets.
Diplomat Golf Course Venture, LLC, an affiliate of Concord Wilshire, has successfully sold the majority of its interest in the Diplomat Golf Resort & Spa, located in Hallandale Beach, for approximately $44.5 million to Maltese Diplomat Owner, LLC.
Diplomat Golf Course Venture, LLC remains an equity partner in the new ownership group led by South Florida developer, Ari Pearl and his PPG Development Group.
South Florida’s premier ritzy golf and spa destination, the Diplomat Golf Resort and Spa, features an 18-hole golf course, a 60-key AAA Five Diamond hotel, 22,000 square feet of meeting space, a 31,000- square-foot luxury spa, fitness center, two food and beverage outlets, a 48-slip marina, and 10 clay tennis courts.
Concord Wilshire originally acquired the property in 2014 and successfully obtained approvals in 2016 for a major resort expansion and residential development consisting of four towers of 1,188 additional hotel rooms and condominium residences.
“Our new partners are accomplished developers who share the same vision that we have had for the property since acquiring it in 2014,” said Nate Sirang, President of Concord Wilshire Companies. “Ari and his group are poised to execute on that vision and create one of the premier destination resorts and residences in South Florida.”
Ari Pearl’s PPG Development Group is leading the ownership group along with his capital partner, Michael Herman of Premium Capital. Pearl is a major player in the South Florida development scene and Herman is a New York financier. Pearl and his group were able to complete this complex transaction with great expedience.
The closing of the transaction with Maltese Diplomat Owner, LLC, which took title to the Diplomat Golf Resort & Spa, occurred on May 29.
The Institutional loan for the transaction was provided Kawa Capital Management, Inc. and a portion of the loan will be held by affiliates of Lloyd Crescendo Advisors.
Concord Wilshire plans to continue to acquire, optimize and develop unique projects, resorts and hotels throughout major markets and brand categories in the United States.